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Find what amount of interest revenue that richmond report

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Reference no: EM132953427

Problem 1: Richmond Company made a loan of $8,500 to one of the company's employees on April 1, 2011. The one-year note carried a 11% rate of interest. The amount of interest revenue that Richmond would report in 2011 and 2012, respectively would be:

A. $935.00, $0
B. $0, $935.00
C. $233.75, $701.25
D. $701.25, $233.75

Reference no: EM132953427

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